Market Update February 2026

February Snapshot

Metro Vancouver logged 1,648 home sales in February 2026, down 9.8% year over year and 28.7% below the 10-year seasonal average of 2,310 (GVR 2026-02).

Supply stayed elevated: active listings ended the month at 13,545, up 6.3% from a year earlier and 37% above the 10-year seasonal average of 9,886 (GVR 2026-02).

Put together, February reinforces a steady pattern: demand is not collapsing, but it is running consistently below the long-run baseline, and that keeps the market more choice-driven than urgency-driven (GVR 2026-02).

Sales & Listings Momentum

New listings softened alongside sales. The region added 4,734 new listings in February, a 6.4% decline from February 2025, but still 7.1% above the 10-year seasonal average (4,421) (GVR 2026-02).

GVR’s economist noted that sellers were “less eager” than last year, with the pullback “mostly driven by fewer listings in the apartment segment” (GVR 2026-02).

For buyers, fewer new listings doesn’t automatically mean a tighter market when standing inventory is already high. What it does change is the mix: if the apartment segment contributes fewer fresh options, competition can concentrate around well-located, well-priced units that match today’s affordability bands (GVR 2026-02).

Price Trends

The composite benchmark price finished February at $1,100,300, down 6.8% from February 2025 and essentially flat versus January (a 0.1% monthly dip) (GVR 2026-02).

Detached benchmark pricing was $1,835,900 (–8.8% year over year; –0.8% month over month), while apartments reached $708,200 (–6.8% year over year; +0.5% month over month) (GVR 2026-02).

Townhomes posted a $1,046,100 benchmark (–5.6% year over year; +0.3% month over month). With townhomes and apartments both ticking higher month to month, the price picture looks less like a broad downswing and more like a market that is finding equilibrium at current borrowing costs (GVR 2026-02).

Supply–Demand Balance

Across all property types, the sales-to-active listings ratio was 12.6% in February. Historically, sustained readings below 12% tend to put downward pressure on prices, while readings above 20% often coincide with upward pressure (GVR 2026-02).

By segment, detached sat at 9.0%, attached at 16.6%, and apartments at 14.1%. In practical terms, detached is operating in softer conditions, while attached and apartment are closer to balanced territory as spring approaches (GVR 2026-02).

That split matters for negotiation dynamics. In softer conditions, buyers can be more selective on condition, strata minutes, and price per square foot. In closer-to-balanced conditions, the best listings still move quickly, but buyers usually have enough alternative supply to avoid bidding beyond fundamentals (GVR 2026-02).

Policy Watch

Interest-rate expectations remain the biggest macro variable for spring activity. The Bank of Canada held the target for the overnight rate at 2.25% on January 28, 2026 (BoC 2026-01-28).

The next scheduled rate decision is March 18, 2026. If the policy rate stays on hold, borrowing costs will remain broadly predictable for early-spring buyers; a surprise move would reprice variable-rate affordability quickly (BoC 2026 schedule).

Within the resale market data, the policy link shows up in how buyers behave when rates stop moving. Month-to-month benchmark changes are now small enough that financing readiness and product fit (layout, location, exposure, strata health) are often more decisive than trying to time a price dip (GVR 2026-02).

Why It Matters

• Inventory is still high relative to the 10-year norm, which supports selection and negotiating room in many sub-markets (GVR 2026-02).
• Pricing is stabilizing month to month, so timing is increasingly about choice and financing readiness rather than expecting near-term price swings (GVR 2026-02).
• Detached is the softest segment on sales-to-active ratio, while attached and apartments are closer to balanced, so strategy should reflect the property type you’re targeting (GVR 2026-02).
• Rate decisions in March and April will matter more than seasonality; they can shift buyer qualification and monthly payment math almost immediately (BoC 2026 schedule).
• Fewer new apartment listings can concentrate demand on “A” quality inventory, making pre-offer due diligence and fast document review a practical advantage (GVR 2026-02).

REBGV February 2026 Metrics

• Detached: 427 sales; benchmark $1,835,900 (–8.8% YoY; –0.8% MoM); sales-to-active ratio 9.0% (GVR 2026-02).
• Townhome: 387 sales; benchmark $1,046,100 (–5.6% YoY; +0.3% MoM); sales-to-active ratio 16.6% (GVR 2026-02).
• Apartment: 824 sales; benchmark $708,200 (–6.8% YoY; +0.5% MoM); sales-to-active ratio 14.1% (GVR 2026-02).
• Total: 1,648 sales; composite benchmark $1,100,300 (–6.8% YoY; –0.1% MoM); sales-to-active ratio 12.6% (GVR 2026-02).

Extended Analysis

Sub-Market Highlights

The benchmark table in the February package shows meaningful variation across communities even when the regional composite is flat. For example, Vancouver East’s composite benchmark was $1,149,300 (+0.6% month over month), while Vancouver West’s was $1,228,600 (+0.7% month over month) (GVR 2026-02).

Those small monthly gains don’t imply a hot market on their own, but they do show that price support can persist in established neighbourhoods when well-priced listings meet buyers who are ready. With sales still below the 10-year seasonal average, the market is rewarding accurate pricing more than aggressive pricing (GVR 2026-02).

Macro-Economic Context

February’s “new normal” framing is rooted in the gap between current sales and long-term averages. When sales are 28.7% below the 10-year seasonal average, it takes longer for the market to absorb new supply, which is one reason active inventory remains 37% above its 10-year seasonal average (GVR 2026-02).

From a housing-operations standpoint, a stable policy rate helps reduce volatility in buyer qualification. The Bank of Canada’s January hold at 2.25% sets a clear baseline heading into the spring, even though the next fixed announcement date can still shift expectations (BoC 2026-01-28).

Forward-Looking Indicators

The clearest near-term signal is the direction of new listings. February’s 4,734 new listings were still above the 10-year seasonal average, but they were down from last year and, per GVR, the pullback was concentrated in apartments (GVR 2026-02).

If demand lifts into March and April while seller activity stays muted, inventory could stop rising and the market could tighten modestly without needing a sharp increase in sales. Conversely, if listings re-accelerate and sales stay soft, the detached segment’s lower sales-to-active ratio suggests it would feel the pressure first (GVR 2026-02).

This article is for informational purposes only. Statistics and market conditions are current as of the publication date and may change without notice. It is not legal or financial advice. Always verify details and consult qualified professionals before making real-estate decisions.